“After touching a four-month low of US$23.78 at the end of March, silver began to recover, reaching a three-month high of US$28.90 by mid-May, as support emerged from a weaker dollar and from the slide in yields over much of this period,” the annual "Precious Metals Investment Focus" report from Metals Focus reads. Silver’s relation to gold and ties to the base metals sector helped it rally to a year-to-date high in Q2.
While the Reddit-induced excitement may have waned early in the year, growth in silver investment demand continued to be a trend over the ensuing months.
Silver trends 2021: Duality aids in demand growth “When you have 3 or 4 million people, even if they’re just putting US$1,000 or US$2,000 in a stock, it can make it a meteoric rise in these stocks.”Īs a result, silver exchange-traded product (ETP) demand soared to an all-time high during the first quarter, when holdings topped 1.2 billion ounces, marking a six year high in segment demand.īy the end of the three month period, silver had settled into the US$24.90 range. “It’s really showing us that the power of social media is immense,” Gareth Soloway, chief market strategist at, told the Investing News Network (INN) at the time. The silver price soared to an eight year high of US$28.55 on February 1 before slipping to US$26.10 four days later. WallStreetBets members have since distanced themselves from the metal, but the "silver squeeze" quickly spread across platforms like Twitter (NYSE: TWTR), pulling in more participants. As web-savvy investors targeted GameStop (NYSE: GME) short sellers, members of the Reddit forum WallStreetBets set their sights on silver.
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